Examples of Primary Minerals in a sentence
The Parent and its Subsidiaries shall only sell Primary Minerals to the Parent and its Subsidiaries on fair and reasonable prices and other terms that are no less favorable than could be obtained in an arm’s length transaction with a Person that is not an Affiliate of the Parent or any of its Subsidiaries.
Such Primary Minerals and Other Minerals and proceeds are hereby assigned absolutely by each Trustor to the Beneficiary contingent with respect to collection only upon the occurrence of an Event of Default hereunder.
The assignment of the Primary Minerals and Other Minerals, and proceeds in this Section is intended to be an absolute assignment from such Trustor to the Beneficiary and not merely the granting or passing of a security interest.
Each Trustor hereby absolutely and irrevocably (a) transfers, assigns, warrants and conveys to the Beneficiary, effective as of the date hereof, at 12:01 A.M., local time, all Primary Minerals and Other Minerals which are thereafter produced from and which accrue to, the Encumbered Property, and all proceeds therefrom, and (b) gives to and confers upon the Beneficiary the right, power and authority to collect such Primary Minerals and Other Minerals and proceeds.
The collection of such Primary Minerals and Other Minerals and proceeds, or the entering upon and taking possession of the Encumbered Property, or the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done in response to such default or pursuant to notice of default.